QB Issue Resolution:
You are fine – with one exception:
at the end of the year, you should have an Inventory Asset value, which represents the value of product on your shelves.
The adjustment to make that accurate will affect your COGS account balance for the year.
This is s little difficult to explain here, but the general flow is like this:
Monies spent on product
+/- value of product still on the shelf (variance from prior year/count)
= actual cost of product sold for that year.
Resolution for Issue 'I think I’ve been doing COGS wrong, but need some help.' available: Yes (Solved).
Source: Intuit Community forum.
I think I’ve been doing COGS wrong, but need some help.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for account balance
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